By Andrea Heisinger
Omaha, June 24 - Prudential Financial, Inc. priced $800 million 9% junior subordinated notes on Tuesday at par of $25, an informed source said.
The notes (Baa1/A-) have a scheduled maturity of June 15, 2038, with a final maturity of June 15, 2068.
They are callable on or after June 15, 2013, and before that date at a tax event.
There is an over-allotment option of $120 million, to be used within 30 days.
Bookrunners were Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co., Inc., UBS Investment Bank, J.P. Morgan Securities Inc. and Wachovia Capital Markets.
Co-managers were Banc of America Securities LLC and RBC Capital Markets.
Proceeds will be used for general corporate purposes and to fund a previously authorized share repurchase program.
The insurance and financial services company is based in Newark, N.J.
| Issuer: | Prudential Financial, Inc.
|
| Issue: | Junior subordinated notes
|
| Amount: | $800 million
|
| Greenshoe: | $120 million, within 30 days
|
| Maturity: | June 15, 2038 (scheduled), June 15, 2068 (final)
|
| Bookrunners: | Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co., Inc., UBS Investment Bank, J.P. Morgan Securities Inc., Wachovia Capital Markets
|
| Co-managers: | Banc of America Securities LLC, RBC Capital Markets
|
| Coupon: | 9%
|
| Price: | Par of $25
|
| Call: | On or after June 15, 2013
|
| Trade date: | June 24
|
| Settlement date: | June 30
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
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